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  "documentTitle": "E.I. du Pont de Nemours and Company (DuPont) (DD)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-02-17 00:00:00",
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  "pageNumber": 91,
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  "notes": "The slide uses a dual-axis chart to correlate stock price performance with cumulative insider selling, framing the CEO's actions as a 'red flag'.",
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      "kind": "callout",
      "text": "Stockholders award management long-term incentives to ensure an alignment of interests. The intention is not for management to sell prematurely.",
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      "kind": "chart",
      "text": "Ellen Kullman’s Cumulative Share Sales Over Time",
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      "text": "Trian estimates that, since Trian first invested, the CEO has disposed of ~749,927 net shares, or ~54% of her equity position(1), which Trian estimates to be worth >$49m(2)\n97% of net shares sold over this period related to shares or options with expiration dates of February 2016 or later\nAfter the release of Trian’s Summary White Paper, the CEO sold 23% of her position over the subsequent week, while the stock hit a new 15-year-high of $72.83\n“Kullman’s most recent aggressive sale and price targeting raises a red flag and questions as to the CEO’s valuation view...That was the largest sale at DD in at least 10 years [September 2014 exercise-and-sale transactions]...” - InsiderScore Report, 9/25/14",
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      "text": "Cumulative % of Total Holdings Sold: 23%",
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      "text": "Kullman’s most recent aggressive sale and price targeting raises a red flag and questions as to the CEO’s valuation view...That was the largest sale at DD in at least 10 years [September 2014 exercise-and-sale transactions]... — InsiderScore Report, 9/25/14",
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      "kind": "source-note",
      "text": "Source: Capital IQ and SEC Filings. (1) Information based on Form 4s and Company proxy statements... (2) Based on Form 4s. $49m estimate deducts sale proceeds used to cover option strike price...",
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      "text": "The CEO Sold 23% Of Her Stock After Shares Spiked Upon Release Of Trian’s Summary White Paper",
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